FREQUENTLY ASKED QUESTIONS ABOUT
THE COMPLEXITY OF THE REGULATIONS & STANDARDS
The Prepaid Card industry is heavily encumbered by regulations, rules and standards set by many jurisdictions and several governing bodies. The Compliance Library is designed to provide visitors and researchers with resources and information to assist in navigating these regulations, rules and standards. Below are frequently asked questions about the content of the Compliance Library.
Q. What are the general rooms in the Compliance Library?
A. The Compliance Library has several rooms of information address laws, regulations, rules and standards governing various types of Prepaid Cards. These libraries are supplemented by a Regulatory Dictionary, Visiting Matrices, Term & Conditions Drafting Resources, Program Benchmarks and a Regulatory Amendment Watch Center.
Q. Why is the Compliance Library needed?
A. The Prepaid Card industry is regulated by a complex web of statutes, regulations, and standards on numerous subjects set by federal and state governments and a variety of governing bodies. The Compliance Library is designed to provide necessary resources to assist with navigation of this web of rules and standards.
Q. You mentioned that the rules and standards addressed in the libraries are numerous and complex. Do you have more information on the nature of these rules and their complexity?
A. Yes. Click on Frequently Asked Questions about the Complexity of the Rules and Regulations Addressed in the Library.
Q. What rules and standards are addressed in the Compliance Libraries?
A. The Compliance Libraries provide information on the federal, U.S. state and U.S. territorial laws governing Prepaid Cards. Future additions will include international laws. In addition to these laws, the libraries also provide accounting and tax information regarding the GAAP, IFRS, and tax standards governing Prepaid Card programs.
Q. What types of laws are addressed in the Compliance Libraries?
A. The Compliance Library is designed to provide information on consumer protection laws, unclaimed property statutes, anti-money laundering regulations, and money transmitter statutes. Future additions will add privacy laws along with some specialty items.
Q. What types of Prepaid Cards are addressed in the Compliance Libraries?
A. The Compliance Library currently addresses Gift Cards. Future additions will add LAP Cards, GPR Cards and Payroll Cards among others.
Q. What types of information are provided about the laws addressed in the Compliance Libraries?
A. The Compliance Libraries provide an array of information about the federal and state laws regulating the Prepaid Card industry. At the federal level, a resource room provides a list of citations to the federal laws and regulations you should know or consider along with related resource materials. At the state level, several rooms provide information from various perspectives about applicable state laws.
Q. Can you be more specific about the information provided on state laws?
A. Yes. The Compliance Library contains several rooms addressing state laws including over 100 state based matrices of information. One room provides a locator to the consumer protection statutes, money transmitter law, and unclaimed property statutes of all fifty states. Other rooms provide information collected per each specific state. In addition, the libraries have many 50 state matrices on specific regulated subjects.
Q. What types of information are provided about each specific state?
A. The Compliance Libraries provide the following information for each state: (a) Rules You Should Know, (b) Issues To Consider, and (c) Individual State Matrices addressing consumer protection and unclaimed property laws.
Q. You mentioned 50 State Matrices. What subjects are addressed in these 50 State Matrices?
A. The 50 State Matrices organize information on a specific subject or topic by the 50 states to provide a national picture of the state regulation of the specific subject. The specific subjects include fees, expiration dates, cash back, and various unclaimed property issues.
Q. Does the Compliance Library address U.S. territories?
A. Yes. The Compliance Library provides information on 6 U.S. territories in addition to the 50 States.
Q. Can you tell me more about the accounting and tax information in the libraries?
A. Yes. The Compliance Library has a room of resource materials on specific accounting standards governing Prepaid Cards under GAAP and IFRS. It also has a separate room on resource materials on specific rules governing federal income taxation of gift cards.
Q. How current is the information in the Compliance Libraries?
A. The libraries are designed to be current roughly within 7 days. Changes in laws or standards, if any, are released weekly.
Q. What is the Regulatory Dictionary?
A. The array of laws and standards have caused the creation of various terms and phrases used in the Prepaid Card industry. The Regulatory Dictionary provides information on over 100 of these terms and phrases.
Q. What are the Visiting Matrices?
A. The Visiting Matrices room is designed to permit outside professionals, such as law firms and accounting firms, to place their own matrices of information into the Compliance Library. This information provides additional perspectives to the various subjects addressed in the Compliance Library.
Q. You mentioned the Compliance Libraries has a room regarding Terms & Condition Drafting Resources. What are these drafting resources?
A. The resources are for the drafting of terms and conditions for the cards in Prepaid Card programs.
Q. What is the Regulatory Amendment Watch Center?
A. The Compliance Library provides information regarding ongoing changes in the laws and standards governing Prepaid Cards including proposed and pending amendments. Alerts are posted and also will be sent directly to participating subscribers via links.
Q. Does the Compliance Library provide legal or accounting advice?
A. No. The Compliance Library is source of information for persons managing Prepaid Card programs including their attorneys and accountants. The libraries are managed by Card Issuance & Management, Inc. and powered by Card Compliant, LLC. We are not a law firm or an accounting firm and do not practice law or accounting. Please see Limitations on Use.